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April 10, 2003 at 08:00 PM
NU Online News Service, April 10, 2003, 12:33 p.m. EST – AXA S.A., Paris, says it would have reported the equivalent of a net loss of $3 billion for 2002 if it had followed the U.S. Generally Accepted Accounting Principles.
The company reported $995 million in net income on $78 billion in revenue in February, when it released 2002 financial statements prepared in compliance with French accounting rules.
AXA is attributing $2.8 billion of the difference to U.S. rules for recording drops in the value of its stock, mutual fund and real estate investments. The U.S. GAAP rules cut another $1.1 billion from AXA’s net income by changing the way the company records the value of tax savings it hopes to achieve in Japan in the future.
